Scottish Partnership means that by itself it can own assets, enter into contracts, to be a plaintiff or defendant, to own property, to borrow money and to provide certain kinds of guarantees.
- no taxes in the UK, under condition that the partnership does not trade in the UK and partners are not residents of the UK. Partners are taxed in the jurisdiction of their location;
- no requirements to submit financial statements and tax declaration in the Register of Enterprises;
- internationally recognized jurisdiction;
- high confidentiality;
- a mean for investment structures with a large number of partners.
- Scottish partnership must consist of two or more partners who carry out business activities for profit. The limited partnership has two types of partners: general partners who are liable for the debts and obligations of partnerships and limited partners (limited), their liability is limited to the limits of their capital contributions. Scottish partnership must consist of at least one general partner and one limited partner.
- In order to benefit from the limited liability, limited partner may not participate or intervene in the management of the partnership, this function is allocated exclusively to the general partner.
- There must always be limited partnership agreement between general and limited partners.
Limited partners may not:
- pick up or get back any part of their contribution to the partnership during its existence;
- participate in the management of the business;
- have the power to bind the company.
If they do, they become liable for all the debts and liabilities of the firm depending on the circumstances, as long as they have been involved in the management of the firm in Scotland.
Founders - any natural or legal person may be a partner in a partnership, or as a general or limited partner. One and the same partner may not be general and limited at the same time.
Scottish LP must be registered in the Register of limited liability companies with Companies House in Edinburgh. To be registered, Scottish LP must specify the principal place of business in Scotland. After registration the principal place of business can be transferred to another jurisdiction.
Registration period - 1 week.
A complete set of documents - 3 weeks, which includes the following:
- Registration certificate
- The contract of partnership
- Certificate of participation
- Power of attorney
- Trust Deed
Necessary documents for purchase/registration:
- A copy of the passport of the beneficiary (the company owner).
- Information about the place of residence of the beneficiary.
Services are provided to clients in English, Russian and Latvian languages.
In turn, Law office INLAT PLUS is ready to provide customers and all interested persons the legal services of a similar nature in the territory of Latvia.